Ever heard of PSQ Holdings, or PublicSquare? It’s an online marketplace that prides itself as a company that serves “customers and businesses that value life, family, and freedom,” which seems in line with a well-known someone who might be joining its board, if the reports are true: Donald Trump Jr., son of the once and future president. Either way, the rumor has sent the stock soaring.
Bloomberg reported that Trump Jr. could join the board as early as Tuesday, citing people with knowledge of the matter. Nothing has been confirmed or formally announced yet, but the chatter alone doubled the holding company’s stock price in morning trading. It’s interesting because in the past year, its shares have been trending downward. Of course it’s unclear how long this rally will last, but as of Tuesday afternoon the stock is trading at about $4 a share.
PSQ did not immediately respond to Fortune’s request for comment.
It just so happens PSQ’s headquarters is minutes away from the center of the political universe: the president-elect’s primary residence, Mar-a-Lago, where politicians and the world’s richest man, Elon Musk, have gathered in recent days.
This isn’t the first time the Trump name has pushed a company’s stock. Last week, Unusual Machines, a company that manufactures and sells drones and drone parts, announced Trump Jr. was to become part of its advisory board. Shares rose by more than 100% on the news, CNBC reported. “The need for drones is obvious. It is also obvious that we must stop buying Chinese drones and Chinese drone parts,” Trump Jr. said in a statement accompanying the press release. “I love what Unusual Machines is doing to bring drone manufacturing jobs back to the USA and am excited to take on a bigger role in the movement.” It’s worth noting, however, Unusual Machine’s stock is currently down as of Tuesday, trading at about $13 a share.
Trump Jr. appears to hold shares in both companies, per Bloomberg and CNBC. But in an ironic twist, Unusual Machines recently revealed in a financial filing that it’s concerned about the impact tariffs could have on its business—something Donald Trump campaigned on and recently signaled he’d deliver. “President-elect Trump is expected to threaten to and may impose steep tariffs on the importation from China of goods including the drones we use in our B2C business,” it said, referring to its business-to-consumer model. “If there are increased tariffs imposed, it could materially and adversely affect our business and results of operations.”
Last month, Trump Jr. chose to join a venture capital firm rather than be a part of his father’s second administration. The firm, 1789 Capital, appears to invest in companies that appeal to conservative consumers, such as Tucker Carlson’s media venture, the New York Times reported.
